How To Create A Successful Business Out Of Thin Air With No Previous Knowledge
At the heart of The Foundation’s success is Dane Maxwell and his passionate belief in reviving the Great American Dream.
Starting out at the young age of 21 years, from his parents’ basement, Dane created a successful six figure business, followed by more success stories. While it may sound like any entrepreneurial tale, what is remarkable about Dane’s is the fact that he did not have any winning idea to base his business on. He, literally, created successful enterprises out of thin air!
In a unique exclusive interview with the podcast, Dane shares some of the Foundation’s best kept secrets to inspire a whole new generation of aspiring entrepreneurs.
How To Find Good Product Ideas For a Business
The most basic human desire, is not to be loved; it is to be understood, says Dane. This core concept is the underlying principle of ‘idea extraction’, a multi-tiered process that Dane uses to figure out what any line of business really needs as a service.
The process is all about finding a real pain — and solving it. It’s done by interviewing target customers in a specific process, and asking them specific questions that lead them to reveal their pain, their business problems. Once you understand their problem, it’s incredibly easy to suggest a solution for them. More than that; according to Dane, they will beg you to build it for them. They will be angry if you don’t take their money and create the solution you’ve just described.
Dane Maxwell’s Idea Extraction Questions
What made Dane’s interviews on Mixergy and Smart Passive Income incredibly popular was the sharing of some of his ninja-questions that he teaches his students at The Foundation, and that have helped him create multiple successful software businesses for himself. But on today’s episode, you’re not only getting access to one ninja-question that he never revealed before in any previous interview (!!!), but also get to see Dane in action; when he flipped sides and became the interviewer, conducting a LIVE idea extraction session on the show.
After the interview, Dane asked me to send him a copy of the audio so he could share it with his paying students. That’s how valuable today’s episode is, and I hope you’ll make good use of it! 🙂
In this episode you will learn:
- The 12 phases of Dane Maxwell’s Idea Extraction process.
- How to tap into an endless source of product ideas for new businesses.
- Dane’s parameters for picking a target market.
- The 4 key elements that Dane looks for in a business.
- Why should you sell tools instead of digging for gold?!
- How to find ideas about business that can be done at home.
- How to approach people for idea extraction & where/how to find them.
- How to sell a product that doesn’t yet exist <<< — HUGE!
- A LIVE Idea Extraction session that was ultimately shared with Dane’s students.
- How to use Google to approach prospects.
- Why you need to collect money in advance from your customers, and why this might unveil the real crucial problem your customer needs solved.
- What keeps Dane inspired.
- What’s the one thing Dane would’ve done differently in his career.
Items mentioned in this episode include:
- The Foundation.
- Dane Maxwell @Twitter.
- Sam Ovens, founder of SnapInspect.
- Love Yourself Like Your Life Depends On It – the blog post I written about meeting Kamal Ravikant.
- Love Yourself Like Your Life Depends On It
[on Amazon].
Sharing the love – gratitude for reviews!
My deepest appreciation to all of you (comment or email me if you want to be removed from the list):
- Patch Porter from the UK – you rock!
- Terdfurg from the US – I hope the sound was better today. Thanks for your kind review!
Don’t Miss an Episode! Subscribe Below:
––– http://www.meronbareket.com/feed/podcast/ –––
I Need Your Help!
Thank you all for checking out this episode of the Inspiring Innovation podcast!
If you haven’t already, I would love if you could be awesome and take a minute to leave a quick rating and review of the podcast on iTunes by clicking on the link below! It’s the most amazing way to help the show grow and reach more people!
Leave a review for Meron’s podcast!
Thank you again for your ongoing support.
Stay awesome,
Meron
Disclosure: Please note that some of the links above are affiliate links. There is no additional cost to you, and I will earn a commission if you decide to make a purchase.
Transcript
[spoiler title=”Episode 010″]Still in progress, please come back later![/spoiler]
Great interview, Meron. One of my favorites so far. Dane came across so well, especially at the end when he talked about love! 🙂
Hey Rob. Very flattered that you enjoyed it. It was quite a moment when the conversation shifted that way wasn’t it? I didn’t see that coming!!
I’m a big fan of your podcast, Meron. Yes, I wonder if he read your recommendation Love Yourself Like Your Life Depends On It by Kamal Ravikant. I reckon he’d really like it. 🙂
Hi Meron , hi Rob !
I would like to point out the idea of limiting beliefs . These self sabotaging thoughts that prevents us from going forward . Every entrepreneur , and human in general , should try to reverse them . But that’s the topic of a whole another podcast I guess .
And until we reverse our limiting beliefs …
Be healthy and smile !
Hi Ilias, I absolutely agree, that limiting beliefs hold us back and they should be identified and reversed as much as possible. For me, some of the tools for doing this are meditation, self-hypnosis, NLP, etc., but, as you say, the topic of a whole other podcast.
Indeed. I’ll need to get Tony Robbins for that episode!
All joking appart – I agree. It’s crippling and is a major, MAJOR factor especially in the early failures. Still fighting them day by day. Ain’t easy!
This is an absolute killer sales pitch.
The idea extraction was brilliant. It was the best “solution selling” I have ever heard.
I’m sharing this with everyone.
Heya! I’m glad you liked it 🙂 feel free to share with anyone who can benefit from this ! 🙂
Great show. Always gets the gears turning on how I can implement this stuff. Actually will be mentioning and linking to this episode in an upcoming edition of The Side Hustle Show since it’s so helpful! Why reinvent the wheel, right?
Hey Nick! Was so great meeting you at WDS. I’d be over the moon to see Dane’s message shared with your tribe. I can’t sleep for days after hearing him speak – so many idea buzzing in my brain! Hehe 🙂
Thanks for getting Dane on..
He is really amazing and I suspect “The Foundation” is on the fore-front of new wave of entrepreneurism solving new pains/problems of our quickly changing world.
You’re welcome, Amul! Glad you enjoyed the interview 🙂
Great Podcast.
Love the interview with Dane, I have been following him for some time. Unfortunately his program requires being in the US.
So may not be for people not from the US.
But the principles are what is important. I think I have got better understanding about the process now.
Thank you,
Hey!
Thanks for the comment, I’m glad it helped. Are you sure the Foundation is for US residents only? Because one of his biggest success story is Aussie if I’m not wrong…
Wow – I haven’t heard anyone go as deep into that love aspect with Dane yet. Not the way you did Meron. That was pretty awesome. Having worked through those aspects of limiting belief change, for all your readers, listeners, etc… – THAT really is the secret. And I so feel for Dane, the work he is dedicated to IS exhausting, and seeing it first hand was amazing. He really does have an amazing capacity for giving of himself. If you are able, and in the ‘right place’, I highly recommend embracing the opportunity to work with Dane at any opportunity!
Hey Clay!
Thanks for commenting and for your support.
I feel extremely privileged that Dane opened up that way in the interview.
I hear you about the internal struggle, which so often is more important (both for happiness and for success) than the external challenges. Loving yourself is where it all has to start, otherwise it’s an impossible uphill battle. That’s my two cents 😉
What kind of things did you go through in your learning to do it? Any lessons to share with us?
Be amazing,
M
This is my favorite episode. I’ve listened to it again and again. Maxwell is great.
Amazing Podcast.
Listened to it 3 times now and gone back and taken tons of notes.
I am glad you asked about those who do not have the funds to join, as I am one of them, but this interviews gives you the tools to go out there and make it happen.
Well done.
Thanks so much Drew! That’s awesome!! 🙂 Feel free to check out the latest episode with Mike Michalowicz – I think you’ll like it!
Be amazing,
Meron
Great interview… it felt genuine and the content list below helped to understand the conversation better. Great job
Thanks for the shout out to Mixergy 🙂